Major downstream players, Ardova Plc and MRS Oil Nigeria Plc, both retail partners of Dangote Refinery, have reduced the price of petrol to N865 at their filling stations.

The new price represents a N5 reduction from the previous pump price of N870 per litre and once again positions Dangote Refinery partner stations as the places to get the cheapest fuel.

A petrol attendant at MRS, Ajumoke, told Legit.ng that the new price was implemented on Monday, June 16.

"Our boss made the adjustments on Monday morning, following instructions from the headquarters."

Other Dangote partners Technooil, Optima Energy, Hyde, and Heyden also made changes.

Retail stations operated by the Nigerian National Petroleum Company (NNPC) Limited are still selling petrol at N870 per litre, while Mobil filling stations have slightly reduced their price from N875 to N870 per litre.

Dangote refinery reduce ex-depot prices

The retail price drop by MRS and Ardova is occurring as Dangote Refinery reduced the ex-depot price for petrol to N838 per litre on Monday, down from N840 per litre last week.

The ex-depot price of petrol refers to the price at which a petroleum product is sold by the refinery or depot to marketers.

It's the price before the product is transported to retail outlets (filling stations).

PENGASSAN belives price should be lower

Despite the reduction, the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) said on Monday that petrol should ideally be priced between N700 and N750 per litre.

Festus Osifo, the association's president argued that although global crude oil prices have fallen to around $60 per barrel, petrol prices at retail stations have remained high, BusinessDay reports.

He said:

"If you look at the PLAT cost per cubic metre of PMS and convert that to litres in our local currency, with crude oil at $60 per barrel, petrol should realistically be selling between N700 and N750 per litre."

He called on the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to enforce a transparent pump pricing template.